http://www.abaybank.com.et
Abay Bank
Ethiopia’s mighty river, the Great Abay, is a dramatic spectacle and a symbol of natural strength and grandeur. It is not only a magnificent sight to visit, but also a river with immense potential for our country’s development.
This tremendous natural strength similarly explains why we are named Abay. We are here to foster growth and development by promoting and financing different sectors, thereby generating employment opportunities and accelerating capital formation by ensuring a safe, stable and sound financial system.
As a number of tourists coming to visit the River Abay find themselves surrounded by curious and polite children dressed in simple woolen garments, our dedicated employees supported by the state-of-the art banking technology welcome you with elegant attire and serve you with diligence and efficiency.
Abay River, Ethiopian’s jewel, has the potential of being the major catalyst for growth and development. By the same token, Abay Bank aspires to be an engine of growth and development in the financial sector for farmers, businessmen and other customers. We are here to lead the way to financial empowerment.
Establishment
Abay Bank has fulfilled all the necessary requirements of the National Bank of Ethiopia to set up a bank, and was officially established on July 14, 2010, and started fully-fledged banking operations on November 4, 2010. Currently, the total capital of the bank is Birr 950 million ($44 million) as of January 30, 2016, and the number of shareholders is over 3,000.
The bank is poised to serve all economic sectors through its network of branches. It extends its services to domestic trade and services, international trade, agriculture, industry, transportation, construction and real estate sectors.
Abay Bank is taking all the necessary steps to be an effective partner to every business in fulfilling their financial dreams and aspirations. The bank is determined to bridge the gap between access to financial services and those who need it most.
In light of this, the bank offers all types of universal banking services, and has planned to render unique services to its clients supported by modern banking technology. Since its establishment, the bank has achieved encouraging achievements in all standards. Its sphere of operation has expanded all over the country and the total number of branches exceeded 100 within just five years of operation, and it has more than 195,000 account holders.
Vision
A customer driven, financially sound, premier bank in the world.
Mission
To provide effective and efficient fully-fledged banking service focused on development, business growth and profitability to meet the expectation of all stakeholders.
Values
Essentially, the “pursuit of excellence” is the core philosophy of the bank as reflected through the following values:
Corporate Governance
Board of Directors
Abay Bank is governed by a board of directors who are elected by the general assembly. The board has been providing leadership for the bank to become an all-inclusive bank.
Providing accessible and affordable financial services, and in the process, generating great shareholder value.
Top Management
The bank’s management comprises highly skilled and experienced personnel. The bank has been continuing with aggressive capacity building through staff training and development programs. The first critical success factor of the bank is developing an organizational culture that values people, enhances performance and supports the business. Currently, the number of permanent employees of the bank exceeds 950.
Services
1. Customer Accounts
Saving Deposit Account
A saving account is an interest-bearing deposit, which can be opened with a minimum acceptable balance of Birr 25.00.
Special-Saving Deposit Account (SSDA)
A special-saving deposit account is a non-interest-bearing account. The account is opened similar to that of a savings account.
Child Trust Account
This account is opened for an under-aged individual (minor) by the parents/guardians of the minor, or by a court order.
Provident Fund Account
This account is opened for administration of provident fund accounts.
Zero Balance Account
This account maintains a disbursing account at “zero” by transferring funds from a saving account.
Demand /Current Account
A demand deposit account (current or chequing account) is a non-interest bearing account; the minimum amount of money required for individuals or individual trade operators is Birr 250.00, while for PLCs and others it is Birr 500.00. The account is operated by cheque.
Fixed-Time Deposit Account
This account is a deposit received for a certain period of time. It provides an attractive and higher interest rate. The minimum balance for a fixed-time deposit is Birr 25,000.
Foreign-Currency Accounts
A foreign-currency account is an account whose source of funds is overseas and can be maintained in hard currency or in Birr. Major types of foreign currency accounts:
2. Multichannel Banking Services
Abay E-Banking Services
Abay Bank focuses on the needs and demands of customers to give comfortable and convenient banking. The bank is committed to providing multichannel e-banking services to customers that are easy to use – anytime, anywhere.
Abay Card Banking Services
These enable you to get access to your cash and banking transactions anytime through Abay ATMs.
Abay Card Enables:
Cash withdrawal
Balance inquiry
Short statement request
Statement request
Fund transfer
Order cheque payment
Cardless transaction (money sending and receiving) and more
Abay Online Banking
Abay e-banking puts you in control of your money. You can now access your Abay Bank account online, and do your banking wherever you are, whenever you want. The services you get include:
Abay Mobile Banking
Abay’s mobile banking service allows you to have access to bank services using mobile phone so that you can do your banking transactions anytime and anywhere. Using your mobile phone, you will be able to:
Abay Agent Banking
Abay Agent Banking aims to extend its banking services to unbanked customers. It provides banking services near to their premises through kiosks, supermarkets, pharmacies, and other outlets. Abay Agent Banking is branded as “Abay Bedeje” which implies that the banking service has come closer to home. The agent services include:
3. Diaspora Banking
In line with our objective of “Banking for All,” we have extended our service to the Ethiopian diaspora that suits their banking needs while they are living and working abroad. Using Abay Bank diaspora banking services, you are guaranteed to easily access:
Diaspora Mortgage Loan
This service is unique in the sector in which the bank plays as facilitator, and arranges the mortgage loan scheme to diaspora customers to own their dream house by saving any 50% of the cost in foreign currency.
4. Loan Account
Abay Bank provides a range of credit services that are supposed to fit the existing and future demands of the customers. The bank loan services include:
5. International Banking Services
The bank provides various kinds of international banking services. Major types of international banking services are:
Export
Import
Foreign Bank Guarantee
Letter of Credit for Import and Export
Correspondent Bank
Abay Bank has established relationships with many international renowned correspondent banks.
Foreign Exchange Services
Abay Bank handles buying and selling various kinds of foreign currencies.
6. Local and International
Money Transfer Services
Both incoming and outgoing money transfer services are rendered anywhere around the world. We also facilitate foreign cheques, drafts and other monetary instruments for clearance worldwide.
At Abay, we use the SWIFT system that enables its users to exchange automated, standardized financial information securely and reliably, thereby lowering costs, reducing operational risk, and eliminating operational inefficiencies. The SWIFT code is ABAYETAA, and money transfer agents include Western Union, Xpress Money, MoneyGram and Trans-fast.
We are also in the process of working with additional renowned international money transfer agents.
What Makes Abay Unique?
